INSUBCONTINENT EXCLUSIVE:
After the announcement of hike in repo rate in the RBI Policy, home loan interest rates are seen risingState Bank of India or SBI, the
largest lender of the country, is offering home loans at interest rates starting from 8.45 per cent per annum
After a hike in the repo rate to 6.5 per cent in the latest RBI policy, home loan interest rates are likely to rise, say experts
SBI, which disbursed Rs 3,13,106 crore worth home loans in fiscal year 2017-18, may also raise its home loan interest rates
However, as of now, the minimum interest rate charged by SBI for its home loans is 8.45 per cent, according to its website,
homeloans.sbi.Types of SBI home loansSBI offers a variety of home loan schemes such as SBI Regular Home Loan, SBI Balance Transfer of Home
Loan, SBI NRI Home Loan, SBI Flexipay Home Loan, SBI Privilege Home Loan, SBI Shaurya Home Loan, SBI Pre-Approved Home Loan, SBI Bridge Home
Loan, SBI Smart Home Top Up Loan, SBI Corporate Home Loan, SBI Home Loan to Non-Salaried - Differential offerings, SBI Earnest Money Deposit
(EMD), SBI Reverse Mortgage Loan, SBI CRE (Commercial Real Estate) Home Loan, and SBI Loan against Property (P-LAP).Here's a comparison of
factors such as features, eligibility, interest rates, fees and document requirements applicable to the SBI Regular Home Loan
scheme:Features of SBI Regular Home LoanSBI charges interest on regular home loans on the basis of daily reducing balance
The repayment period of SBI home loans is spread across 30 years
Interest concession is offered to women buyers and home loan is available as an overdraft.Eligibility to avail SBI Regular Home LoansA home
loan borrower must be a resident Indian of minimum 18 and maximum 70 years of age.Interest rate on SBI Regular Home LoansCategoryHome Loan
(Term Loan)Up to Rs 30 lakhAbove Rs 30 lakh and up to Rs.75 lakhAbove Rs 75 lakhSalariedWomen8.45-8.55% p.a8.60-8.70% p.a8.70-8.80%
p.aOthers8.50-8.60% p.a8.65-8.75% p.a8.75-8.85% p.aNon-SalariedWomen8.60-8.70% p.a8.75-8.85% p.a8.85-8.95% p.aOthers8.65-8.75% p.a8.80-8.90%
p.a8.90-9.00% p.aProcessing fee applicable to SBI Regular Home LoanSBI charges a processing fee of 0.35 per cent of loan amount, subject to
a minimum of Rs 2,000 and a maximum of Rs
10,000, according to the SBI home loan website
This processing fee excludes applicable taxes.During the pre-sanction period, the customer will have to pay the advocate's fee for property
search and title investigation report and the valuer's fee for valuation report.After the sanction of home loan, stamp duty is payable for
loan agreement and mortgage
Besides this, property insurance premium and CERSAI registration fee of Rs 50 + GST up to Rs 5 lakh; and Rs 100 + GST for limits above Rs 5
lakh is charged. CERSAI maintains and operates a registration system for the purpose of registration of creation of security interest over
property.Documents requiredThe applicant needs to submit an employer identity card, a duly filled in loan application form affixed with
three passport size photographs, proof of identity which includes a PAN/passport/driver's license/voter ID card; a proof of residence/
address (any one), which includes a recent copy of telephone bill/ electricity bill/water bill/piped gas bill or copy of passport/driving
license/Aadhaar card.Property papers also need to be submitted along by the applicant
These include permission for construction (where applicable), registered agreement for sale (only for Maharashtra)/allotment letter/stamped
agreement for sale, occupancy certificate (in case of ready to move in property), share certificate (only for Maharashtra), maintenance
bill, electricity bill, property tax receipt, approved plan copy (Xerox Blueprint) registered development agreement of the builder,
conveyance deed (for new property), payment receipts or bank account statement showing all the payments made to builder/seller.Home loan
borrowers have to submit last six months' bank account statements for all bank accounts held by the applicant
If the home loan borrower has any previous loan from other banks/lenders, he/ she needs to submit a loan account statement for last one
year.Salaried applicant/co-applicant/guarantor must submit an income proof
Salary slip or certificate of last three months, besides a copy of Form 16 for last two years or copy of IT return or income tax return for
last two financial years, acknowledged by the income tax department is also required.Non-salaried home loan co-applicant/ guarantor needs to
submit a business address proof, income tax return for last three years, balance sheet profit and loss account for last three years,
business license details, TDS (tax deducted at source) certificate (Form 16A, if applicable), and certificate of qualification (for C.A./
doctors and other professionals).
